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Third Quarter Report 2010

The table below shows the figures for 2010 for the period 1 October to 31 December 2010 and full-year 2011 and 2012.

  2010 2011 2012 2010 2011 2012
   Owned days      
LR2  1,092  4,380  4,392      
LR1  638  2,555  2,562      
MR  3,400  14,746  15,690      
SR  986  4,015  4,026      
Tanker division  6,116  25,696  26,670      
Bulk division  182  1,437  1,506      
Total  6,298  27,133  28,176      
             
   T/C in days  T/C in costs (USD/day)
LR2  --   --   --   --   --   -- 
LR1  1,553  6,115  4,842  20,803  21,498  21,910
MR  911  3,650  3,108  16,357  16,626  16,164
SR  --   --   --   --   --   -- 
Tanker division  2,464  9,765  7,950  19,159  19,677  19,664
Bulk division  1,000  3,735  4,228  15,789  15,523  15,954
Total  3,464  13,500  12,178  18,187  18,528  18,376
             
   Total physical days  Covered days
LR2  1,092  4,380  4,392  432  646  128
LR1  2,191  8,670  7,404  437  777  532
MR  4,311  18,396  18,798  1,400  1,737  412
SR  986  4,015  4,026  345  858  40
Tanker division  8,580  35,461  34,620  2,613  4,019  1,111
Bulk division  1,182  5,172  5,734  1,022  1,123  153
Total  9,762  40,633  40,354  3,635  5,142  1,264
             
   Coverage %  Coverage rates (USD/day)
LR2  40  15  3  22,272  25,823  22,987
LR1  20  9  7  16,382  18,350  17,495
MR  32  9  2  14,838  16,089  15,348
SR  35  21  1  13,695  14,587  15,128
Tanker division  30  11  3  16,173  17,771  17,245
Bulk division  87  21  3  19,791  17,811  21,206
Total  37  13  3  17,190  17,780  17,725
             
Fair value of freight rate contracts that are mark-to-market in the income statement (USD m):
Contracts not included above  0.0        
Contracts included above  0.2        
             
Notes            
Actual no of days can vary from projected no of days primarily due to vessel sales and delays of vessel deliveries. T/C in costs do no include potential extra payments from profit split arrangements.

Post balance sheet events

TORM has during the fourth quarter, as as announced on 1 November in announcement no. 10, entered into an agreement to sell the two Kamsarmax dry bulk newbuildings with planned delivery to TORM in Q1 2011. The newbuildings have been sold for a total consideration of USD 90 million with a total net loss of USD 16 million. The newbuildings are expected to be delivered to the new owner in the first quarter of 2011, where the effect of the transaction will be recognised in the financial statements.              

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